PayPal is a rip off

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Uncle Stretch

Uncle Stretch

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Ok this is about bikes in a round about way. I cant believe that you sell a bike and take paypal. They charge you to get the money. Then when you get your money out ,they charge you again. Then they put a $500 limit on it where you will have to pull the money out in seperate transactions ...where they can charge you again. Thats not right. I think if I sell anything else I want to be paid some other way. They are really a ripoff :roll:
 
I didn't think that they charged you to transfer your funds from your PayPal account to your bank account.

I agree though, there fees on receiving payments is a serious rip off.

I sell one decal for $2.00 and they charge me $.36 to receive that payment...sheesh.
 
I didnt want to give them that. I dont want anybody to have the ability to know my bank imformation. I would rather give it to a Nigerian trying to save his family fortune.At least he said he had 10 million and would give me 2 of it. :lol: :lol: :lol:
 
Paypal charges a fee when you receive funds but not when transferring to a bank account, but honestly it is an easier way for most people to transfer funds. The bank account fear is unplaced honestly. It is the same people that do eBay, so if ebay has your info, they do too. And the $500 is a security measure so if someone gets ripped off all of the money doesn't just disappear.

The fee is 2.9% + $0.30 USD, so you could always factor this into the price of something.
 
I figure they charge me once to get the money ...thats business. when they charge me again just to write me a check to get my money back that they have already charged me for is double dipping. Thats wrong and Ebay dosent have my bank info , just the same credit card as the paypal side of it. That would be like my bank charging me to get my money out......I'm just soapboxing. Its their buisness and their rules.
 
IMHO, and this is just that, nothing more....

If you want to use Paypal you really need to conform to their business model and be prepared to pay their fees for the service that they offer. Also IMHO, they offer some pretty impressive services for almost free. Try setting up a web site on a free blog, that accepts credit card payments for free, (minus the transaction charge), add to cart, check out, shipping services, and delivery tracking, all there without charge, again, except for the transaction fee. I have done it, and I was amazed what can be done without even owing a domain name.

If you do not want to use Paypal, just check into how much it will cost you to set yourself up to accept debit card and credit card payments on your own outside of Paypal. It is not cheap, Paypal is very cheap in comparison, and very easy to set up.

I set up a separate bank account with my bank to accept payments that I never use to purchase anything using Paypal, so that Paypal account does not have my credit card info,it only accepts incoming moneys. I keep this Paypal account pretty much "drained" into my bank at all times. I also keep this Bank account "drained" as well.

I set up an account on Paypal that I can use to purchase things using only my bank credit card, transactions which I can dispute with my bank if I need to. I DO NOT have my bank account on this Paypal Account, so that no one can ever charge anything back to my bank account if there is a dispute.

Bottom line is, nothing is free. Paypal is not perfect, but is very reasonably priced for the services that they offer, and YOU need to control where the money can flow into and out of your own bank/card accounts.

Did I say this is JMHO, and YMMV?

I don't find Paypal to be evil if I take control of what can happen to me and my accounts.

I guess you could accept certified checks and money orders if that is what you want to accept, but the effort to obtain them and mail them will turn off a lot of modern potential buyers. Everyone wants "instant" results now. Personal checks can be disputed by your buyer for no valid reason.

Just a few things to think about.
 
I know PayPal can seem tedious, especially when selling items for small prices e.g. your decals Steve, but how about this: 2 years ago I needed to transfer 600 pounds to my mate in the UK, just from one bankaccount to another. When it got through he ended up with 540 pounds. These thiefs, I mean bankers, did not need to count any pennies, or make intricate calculations, just change a few digits, but somehow managed to take 10% off :shock: . Since then PayPal is my pal. :wink:
 
you got to keep inmind stretch, your also paying for insurance.

i've had a couple seedy transactions where paypal has gone to bat for me (and returned funds)
the fee's where miniscule compared to the $300 i would have been out of pocket.
 
Uncle Stretch said:
I didnt want to give them that. I dont want anybody to have the ability to know my bank imformation.
Click to expand...

Get a second checking account only for PayPal and/or eBay. That's what I did when I had similar fears. Just keep enough in it to cover current transactions (plus the minimum balance bank requires).

No charge to transfer $ from PP to bank.
 
Pay pal is cheaper than buying a money ordar and a stamp. for the convenience its short $. I held out for a long time before committing to a Pay Pal account.

When sending $, if you opt for "personal", "money owed" I believe the fees are reduced or non existent. :D
 
I don't receive funds via Paypal very often. Whenever I do I just leave it in there to spend and don't transfer to a bank account. So many places take Paypal anymore even major retailers I'm always finding some way to spend the funds. Now if I wanted it to put gas in the car or pay the electric bill that's different.
I see why they want to deter you from transferring to your bank account. They want to have you spend it through them and also want to hang on to it to get interest I suppose.
 
It's one of those deals for me where I just have to grit my teeth and deal with it.

The convenience factor for their services overrides the cost I suppose.

I guess it's no worse than Uncle Sam. :lol:
 
I acquired a PayPal debit card, and it doesn't charge when you want to use it to pay for a transaction or withdraw cash. The only time I am charged is when I receive money.
It's supposed to be a business card, so you may have to say you own your own business to get one.
 
Another thing they offer is the PayPal plug-in that allows you to generate a one time use Master Card number whenever you want to pay for transactions of any kind.

By doing this you are not limited to buying from places that only accept PayPal payments.
 
Man everybody has it figured out. I guess its my fault for not looking into the different ways I could have done this. I dont use paypal except to buy things and I havent come up against the double fees. I guess I chose the wrong option. Chances of me needing to pull money after this " rid myself of my fleet" deal are slim. I don't usually sell things and probably never will again.I take my hat off to all of you that can do this on a regular basis. Once everything is gone , I will slip quietly back into retirement mode ,build a few custom frames and leave the world of paypal and high finance to you youngsters. :wink:
 
your not the only one that hates paypal. everytime id put money in my account to transfer ti to buy something, id go home, tranfer it, and then the next day it wouldnt work and id get chagred $25. but it wouldnt do it just once. no. it would do it three times. :x i hate paypal. :x
 
OK, I am not a fan of the Ebay-Paypal business model but here is how I justify it in my own head:
I reach more buyers due to the large customer base
More buyers can pay for my stuff because I can accept credit cards through Paypal
Buyers can pay easily and quickly vs getting a money order or waiting for a check to clear-means more buyers
Buyers have a form of insurance to feel more comfortable buying from me

Now the bad...
Add the Ebay and Paypal fees up and it gets closer to 10% in fees...and that is a ripoff. And I want to be able to tell peole about deadbeat bidders....
There are a few options and I use them all the time to help sellers...I pay with money orders or cash on local pickups. But overall, it sucks
 
I was a little shocked on the last bike that I sold for $400 on Ebay.

After Ebay and PayPal fees it did cost me about $40 to sell that bike. :shock:

That's almost as much as an Auto Trader ad...ha ha!
 
Rat Rod said:
I was a little shocked on the last bike that I sold for $400 on Ebay.

After Ebay and PayPal fees it did cost me about $40 to sell that bike. :shock:

That's almost as much as an Auto Trader ad...ha ha!
Click to expand...

Yes but you most probably would not have sold it the first time in the auto trader, The fees do not bother me one bit, ebay is by far the cheapest place to sell to the entire world in a single ad. you get the most exposure and the best price, trying an ad in a local paper and see what it cost.
 

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